
Cicero, NY Cleeman Realty Group negotiated the sale of Circle Road Plaza, an Ollie’s anchored shopping center.
This is the second time Cleeman Realty Group has sold Circle Road Plaza in the past 18 months.
The property is located on 16.4 acres and consists of 163,625 s/f.
The property includes local, regional, and national tenants and was nearly 100% occupied at the time of closing. Circle Road Plaza is adjacent to Driver’s Village and is located on the main retail strip with other tenants such as Lowe’s Home Improvement and Price Chopper.
Michael Cleeman and Sam Seelenfreund of Cleeman Realty represented the buyer and seller.
“The buyer was looking to satisfy their 1031 exchange and this property fits well with their portfolio,” said Cleeman.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,